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Hungary's public debt falls again for another quarter

The debt, calculated according to Maastricht rules, stood at 73.9 percent of GDP at the end of December 2016, down from 74.3 percent of GDP at the end of September

Hungary's public debt has fallen again for another quarter, it has been revealed.

According to MTI, the debt, calculated according to Maastricht rules, stood at 73.9 percent of GDP at the end of December 2016, down from 74.3 percent of GDP at the end of September.

The National Bank of Hungary (MNB) said that in nominal terms, the public debt reached 25,922 billion HUF in the fourth quarter. It was slightly up from 25,883 billion HUF at the end of the third quarter of 2016.

Net payments decreased the nominal figure by 14 billion HUF, but revaluations increased it by 53 billion HUF in the fourth quarter.

The news follows the European Commission increasing Hungary's GDP growth forecast to 3.5 percent this year.

The EC revealed the findings in its 2017 winter economic forecast, an upward revision from the 2.6 percent growth predicted in its earlier autumn forecast in November.

The EC put Hungary’s 2016 GDP growth to 1.9 percent, compared to the 2.1 percent growth it predicted in the autumn but said economic growth could reach 3.2 percent in 2018, which is higher than the previously expected 2.8 percent.